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A Modern Alternative to Nest with Better Business Support

Penfold is a smarter, tech-driven alternative to Nest, offering better business support at every step.

From seamless onboarding to advanced payroll tools and dedicated account managers, we’re redefining workplace pensions to save businesses time, reduce costs, and empowering employees to save for a comfortable later life.

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A mobile interface for Penfold's pension management app and a desktop interface for Penfold's pension processing platform. The mobile screen shows "Rose's Dashboard" with a total pot value of £12,994.54, options to transfer an old pension, and add money. There's also a prompt to combine an old pension and a forecast feature. The desktop interface welcomes back "Elevate Accounting Group" and prompts to upload files. Two dashed boxes offer to "Add employees only" or "Add pension payroll files" with drag and drop functionality. There are also options to download templates for enrolment and contributions, and a section for the last upload.

Why Businesses Choose Penfold over Nest

Penfold delivers more business-focused features than Nest, giving you greater control and support:

Designed for Modern Businesses

Penfold’s tech-driven platform is built to simplify pension management for businesses. From seamless compliance tracking to reduced admin time and automated payroll processing, Penfold helps businesses work smarter. While Nest is a reliable option, its one-size-fits-all approach lacks the customisation and business-focused features Penfold offers.

Hands-On Account Management

Every Penfold business benefits from a dedicated account manager who supports you through onboarding, payroll integration, and day-to-day queries. Unlike Nest, which doesn’t offer this level of personalised service, Penfold ensures you have expert help whenever you need it.

Highly Rated by Businesses and Savers

Penfold is rated 4.6 stars on Trustpilot, reflecting our commitment to exceptional service and support. Nest, while dependable, scores 4.0 stars on Trustpilot. Both providers have 5-star Defaqto ratings, but Penfold’s higher customer satisfaction underscores our focus on delivering a better experience for businesses and their employees.

A comparison chart between Penfold and Nest pension providers. Penfold offers a group personal pension, and Nest offers a master trust. Both have a 5-star Defaqto rating, but Penfold’s Trustpilot rating is 4.4, compared to Nest’s 4.0. Penfold provides all listed services, including a dedicated account manager, managed onboarding, launch events, compliance support, salary sacrifice support, payroll integrations, payroll processing support, and pension benchmarking. Nest lacks all these features. Both have £0 business fees.

Fund Performance: Helping Employees Save More

Strong fund performance is key to building a secure financial future. Over the past five years, Penfold’s default fund, managed by BlackRock, has delivered annualised returns of 8.4% (gross) and 7.5% (net), outperforming Nest’s returns of 7.2% (gross) and 6.4% (net).

Penfold’s high returns have meant that employees grew their savings faster, building a more secure financial future compared to Nest’s default plan.

Figures are net of investment fees but gross of provider fees. Past performance, actual or simulated, is also not a reliable indicator of future returns. All investments carry risk and your investment value can go up or down. Returns may increase or decrease as a result of currency fluctuations.

A chart comparing the default fund performance of Penfold and Nest over 5 years to 31 December 2024. Penfold’s gross returns are 8.4%, outperforming Nest’s gross returns of 7.2%. Penfold’s net returns are 7.5%, also higher than Nest’s net returns of 6.4%.

Figures for the Penfold Plan are based on a simulation, provided by BlackRock, of how the portfolio might have performed had these building blocks of the plan existed together over the last five years. It’s important to note that it cannot be definitively said exactly how this plan would have performed in the past. Simulations should not be taken as a guarantee of expected past or future performance, but are designed to be illustrative only. A full list of the assumptions made to generate the simulations is available and should be carefully considered.

The figures shown represent a weighted average of performance across 30 age cohorts (ages 36-65) to provide an overall view of member outcomes. Individual returns will vary depending on fund allocation at different points in a member’s investment journey, as well as personal fee structures. For consistency in comparison, returns have been estimated based on a typical pot size of £10,000 and an average salary of £30,000. Actual returns may differ due to factors such as specific employer-negotiated fees, individual pot sizes, and salary levels.

Returns are based on data collected by investment advisors DWA from a variety of sources, including individual providers and data published on Morningstar. Where possible, actual return data has been used; however, some assumptions were made based on underlying fund data due to availability limitations. The impact of charges has been applied on a monthly basis, which may create minor discrepancies with actual experience depending on the charging structure. DWA is happy to review and correct any discrepancies should further evidence be provided.

A Better Pension Experience for Employees

Employees deserve a workplace pension that’s enjoyable and makes saving easy. Here’s how Penfold compares to Nest in delivering value to them:

Engaging App

Penfold’s modern app puts employees in control of their pension, offering real-time insights into their savings, investment performance, and retirement goals. Nest offers a basic app with limited functionality, while Penfold’s modern app allows employees to actively manage their pensions on the go.

Easy for Employees, Easy for You

Getting stuck trying to solve clients and employees’ pension problems? Our app helps employees find and combine other pensions, and make changes to their pension independently.

Focus on Financial Wellbeing

Penfold empowers employees with features like savings goals, nudges, and retirement income forecasts, helping them plan for a secure financial future. Nest lacks these tools, offering fewer resources to support employees’ long-term financial wellbeing.

No Hidden Fees

With Penfold, employees benefit from a simple annual management charge of 0.75%, with lower fees for pots over £100k and no hidden costs. Nest applies an additional 1.8% charge on every contribution, which can eat into new savings.

A comparison chart between Penfold and Nest pension services. Both offer an app and sustainable and Sharia funds. Penfold provides 10 investment funds, while Nest offers 6. Penfold also includes features like finding and combining pensions, savings goals, savings nudges, retirement income forecasts, shareholder voting, financial wellbeing programs, and education programs, which Nest lacks. Penfold’s annual management charge is 0.75% (lower rates for balances over £100k), while Nest charges 0.30% plus a 1.8% contribution fee. Penfold has no additional employee fees.

What Makes Penfold Stand Out?

Unparalleled Support

With Penfold, businesses get access to expert support right away – no call centres, no hold music. Your dedicated account manager ensures everything runs smoothly, whether it’s compliance, payroll processing, or employee queries.

Seamless Payroll Integrations

Penfold’s advanced payroll tech saves businesses time by automating contributions and ensuring accuracy. Nest offers basic payroll support but lacks the full suite of tools provided by Penfold’s platform.

Employee-Centric Features

Penfold’s focus on financial wellbeing means employees get the tools and insights they need to save confidently for retirement. This level of employee engagement helps businesses attract and retain top talent.

A composite image featuring a laptop and smartphone displaying Penfold’s pension management interface, alongside two colleagues working together in an office setting. The laptop screen shows an employee management dashboard, while the phone displays a personal pension overview. In the background, a man in a yellow sweater works on a laptop, and a woman holding a coffee cup smiles while engaging with him. The setting is a modern, well-lit office.

There's a lot of stuff you can do with Penfold that you couldn't do with Nest.

Penfold gives employees immediate access to their pension rather than having to go through the payroll team to remind them of how to access their details or wait for paper letters.

Penfold allows us to offer clients a better service. The simplicity of the Penfold app, the platform for accountants, and the personal touch the team bring – make all my monthly processes much easier.

Zak Round

Director at Kaizen Accountancy Services

How to Choose the Right Workplace Pension

Step 1: Assess Your Needs

Is your current provider falling short on support, compliance, or employee engagement? Identifying these gaps is key to finding a better solution.

Step 2: Compare Providers

Evaluate how providers like Penfold and Nest meet your needs. Look at key features, fund performance, and support services to find the best match for your business.

Step 3: Plan Your Switch

Once you’ve chosen the right pension, work with your provider to ensure a smooth transition. Penfold’s account managers ensure a smooth transition, working closely with you to make the switch effortless for you and your team.

Why Businesses Are Switching to Penfold

Save Time

Automate payroll and pension contributions.

Boost Compliance

Stay on top of regulatory requirements effortlessly.

Support Employees

Offer a pension scheme that’s easy to use and engaging.

Ready to upgrade your workplace pension? Join thousands of businesses already transforming their schemes with Penfold.

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